North America Low-Speed Electric Vehicle Market Revenue to cross US$ 3,777.38 million by 2030

At 4.9% CAGR, North America Low-Speed Electric Vehicle Market is Speculated to be worth US$ 3,777.38 million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America low-speed electric vehicle market was valued at US$ 2,577.70 million in 2022 and is expected to reach US$ 3,777.38 million by 2030, registering a CAGR of 4.9% from 2022 to 2030. Advent of Lithium-ion phosphate and sodium-ion batteries for electric vehicles is among the critical factors attributed to the North America low-speed electric vehicle market expansion.

Lithium-ion batteries are commonly used in the production of electric vehicles. However, the rising concern about the shortage of lithium is pushing the industry towards using lithium-ion phosphate and sodium-ion batteries. Lithium-ion phosphate is gaining momentum as an essential electric vehicle battery material in the automotive industry, with a prime focus on producing affordable electric vehicles. In 2023, Ford collaborated with CATL to set up a 35 GWh (gigawatt-hour) lithium-ion phosphate cell manufacturing factory in Michigan. In addition, sodium-ion batteries are equipped with faster charging times and can register a longer lifespan than lithium-ion batteries. In addition, sodium-ion technology has been gaining popularity across the region, with few companies working towards commercializing it for electric vehicle applications. Thus, the advent of lithium-ion phosphate and sodium-ion batteries for electric vehicles is likely to fuel the low-speed electric vehicle market during the forecast period.

On the contrary, operational limitations of battery-operated electric vehicles hamper the growth of North America low-speed electric vehicle market.

Based on product, the North America low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held 61.4% market share in 2022, amassing US$ 1,583.06 million. It is projected to garner US$ 2,268.45 million by 2030 to expand at 4.6% CAGR during 2022-2030.

In terms of end user, the North America low-speed electric vehicle market is categorized into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held 40.5% share of North America low-speed electric vehicle market in 2022, amassing US$ 1,043.26 million. It is projected to garner US$ 1,494.73 million by 2030 to expand at 4.6% CAGR during 2022-2030.

By vehicle type, the North America low-speed electric vehicle market is categorized into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held 52.1% share of North America low-speed electric vehicle market in 2022, amassing US$ 1,343.53 million. It is projected to garner US$ 1,875.38 million by 2030 to expand at 4.3% CAGR during 2022-2030.

Based on country, the North America low-speed electric vehicle market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.9% share of North America low-speed electric vehicle market in 2022. It was assessed at US$ 1,955.94 million in 2022 and is likely to hit US$ 2,940.01 million by 2030, exhibiting a CAGR of 5.2% during 2022-2030.

Key players operating in the North America low-speed electric vehicle market are Cushman, Navya SA, Westward Industries Ltd, LVTong USA Golf Cars LLC, Aetric Electric Vehicles, American Custom Golf Cars Inc, Waev Inc, Yamaha Motor Co Ltd, Arcimoto Inc, Goggo Inc, Hawthorne Pacific Corp, Cruise Car Inc, Eli Electric Vehicles Inc, ELVY Inc, Yamaha Golf-Car Co, Xiamen Dalle Electric Car Co Ltd, Tomberlin, Club Car LLC, Renault SA, Deere & Co, The Toro Co, Crown Carts LLC, eTrikeCo Corp, Canadian Electric Vehicles Ltd, HDK Electric Vehicle Corp, Lohr SA, Daedong-USA Inc KIOTI Tractor Division, AGT Electric Cars, American Landmaster LLC, EV Titan LLC, Wink Motors Inc, Polaris Inc, Star EV Corp, EasyMile SAS, Momentum MotorWerks LLC, Martex Global Enterprise LLC, Atomic Cool Kartz USA Inc, Evolution Electric Vehicles Inc, Vitacci Motorcycles Inc, E-Z-Go, Prairie Turf Pros LLC, Moto Electric Vehicle and More LLC, Movex Innovation Inc, ICON EV LLC, King of Carts LLC, Moke America LLC, Quickie Products LLC, United Smart EV America LLC, Vantage Tag Systems Inc, and Columbia Vehicle Group Inc, among others.